Attached files
| file | filename |
|---|---|
| 8-K - GENERAL STEEL HOLDINGS INC | v206756_8-k.htm |
| EX-16.1 - GENERAL STEEL HOLDINGS INC | v206756_ex16-1.htm |
Exhibit
99.1
General
Steel Announces Change of Auditor
BEIJING,
December 29, 2010 -- General Steel Holdings, Inc. (“General Steel” or “the
Company”) (NYSE: GSI), one of China’s leading non-state-owned producers of steel
products and aggregators of domestic steel companies, today announced that the
Company will appoint PricewaterhouseCoopers Zhong Tian CPAs Limited Company
(“PwC”) as its independent registered public accounting firm, replacing Frazer
Frost, LLP (“Frazer Frost”). Upon the change of auditors, PwC will
provide services beginning in the second fiscal quarter of 2011 and will serve
as the Company’s independent registered public accounting firm for the fiscal
year ending December 31, 2011. The Company’s consideration to
change its auditor was not due to any disagreement between the Company and
Frazer Frost on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedures.
"We are
looking forward to taking advantage of the experience of one of the world’s top
accounting firms,” said General Steel’s Chairman and Chief Executive Officer
Henry Yu. “We are committed to promoting the utmost transparency to investors
and PwC is a good fit for our Company as we continue to execute our growth
strategy.”
About
General Steel Holdings, Inc.
General
Steel Holdings, Inc., (NYSE: GSI), headquartered in Beijing, China, operates a
diverse portfolio of Chinese steel companies. With 6.3 million metric tons of
aggregate production capacity, its companies serve various industries and
produce a variety of steel products including rebar, hot-rolled carbon and
silicon sheet, high-speed wire and spiral-weld pipe. General Steel Holdings,
Inc. has steel operations in Shaanxi and Guangdong provinces, Inner Mongolia
Autonomous Region and Tianjin municipality. For more information, please visit
www.gshi-steel.com.
Information
Regarding Forward-Looking Statements
This
press release may contain certain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on management's current expectations or beliefs about future events and
financial, political and social trends and assumptions it has made based on
information currently available to it. The Company cannot assure that any
expectations, forecasts or assumptions made by management in preparing these
forward-looking statements will prove accurate, or that any projections will be
realized. Actual results could differ materially from those projected in the
forward-looking statements as a result of inaccurate assumptions or a number of
risks and uncertainties. These risks and uncertainties are set forth in the
Company’s filings under the Securities Act of 1933 and the Securities Exchange
Act of 1934 under “Risk Factors” and elsewhere, and include: (a) those risks and
uncertainties related to general economic conditions in China, including
regulatory factors that may affect such economic conditions; (b) whether the
Company is able to manage its planned growth efficiently and operate profitable
operations, including whether its management will be able to identify, hire,
train, retain, motivate and manage required personnel or that management will be
able to successfully manage and exploit existing and potential market
opportunities; (c) whether the Company is able to generate sufficient revenues
or obtain financing to sustain and grow its operations; (d) whether the Company
is able to successfully fulfill our primary requirements for cash and (e) other
risks, including those disclosed in the Company’s Form 10-K, filed with the
SEC. Forward-looking statements contained herein speak only as of the date
of this release. The Company does not undertake any obligation to update or
revise publicly any forward-looking statements, whether to reflect new
information, future events or otherwise.
For
investor and media inquiries, please contact:
In
China:
Ms. Jenny
Wang
General
Steel Holdings, Inc.
Tel:
+86-10-5879-7340
Email:
jenny.wang@gshi-steel.com
Mr.
Justin Knapp
Ogilvy
Financial, Beijing
Tel:
+86-10-8520-6556
Email:
gsi@ogilvy.com
In
the United States:
Ms.
Jessica Barist Cohen
Ogilvy
Financial, New York
Tel:
+1-646-460-9989
Email:
gsi@ogilvy.com